PUBLISHERS—ACHIEVE 100% RETENTION

By BNI & Referral Institute - Feb 23 , 2009

By Paula Frazier

In a perfect world, we’d all have 100% author retention! Every writer we agree to do business with is a perfect fit for us, and we’re a perfect fit for them. We’ll stand and deliver their manuscript with integrity, and we experience the optimal return on our collective investment. Over time, we establish trust and credibility and might occasionally become friends. They wouldn’t go to another publishing house – or would they?

I’m not a math scholar but I’m pretty good at basic equations. Here’s one that most publishers, like you, are counting on:

Qualified Prospects (Authors) + Need/Interest = IDEAL CLIENTS.

Now let’s agree to a few assumptions:

1. You believe that you offer high quality publications.
2. You can easily and passionately explain the benefits of working with you.
3. Your prospective writer needs and wants your services.
4. You follow through and deliver on everything you agree to do.
5. You connect with them as appropriate—weekly, monthly, quarterly.

Based on living up to the “givens” listed above, why aren’t all of our clients staying with us FOREVER?!? I recently lost two clients, so I began to consider some of the variables that may have affected my not-so-positive outcome.

I could honestly answer YES to all five of the givens. If it wasn’t me, who could it be? THEM? So I made a list of the Top 10 Characteristics (with brief descriptions) of my target market:

1. 5+ Years in Their Industry                   Survived Start Up
2. 2+ Years at Same Company              Achieved Measurable Success
3. Business Owner/Top Producer          Invested in Building the Business
4. Entrepreneurial Mindset                      Visionary & Calculated Risk Taker
5. Life-Long Learner                                Invest In Their Own Development
6. Coachable                                            Knows They Don’t Know Everything
7. Established in Their Industry              Teaches and Trains Others in Their Field
8. Passionate                                           Completely Believes in Their Prod/Svc & book
9. Wants/Needs Referrals                      Understands Referral Marketing is a Science
10. Positive Cash Flow                             Able to Budget/Invest Based on Their Goals

What does your target market look like?

My most successful clients have nine or ten of these traits. The two I lost only had two or three. My lesson learned – If a qualified prospect does not match most of my descriptors, they’re not a good match for me. The proven equation looks something like this:

Qualified Prospects + Top 10 Traits + Need/Interest = IDEAL CLIENTS

Just because they need or want your product or service doesn’t mean they’re in a position to experience the maximum benefits.

One of the most selfless things you can do when you’re talking to an unqualified writing prospect is to refer them to someone that can help them with their most immediate needs. Ideally, they’ll develop into a qualified prospect over time by acquiring the skillset of your target market.

Quick personal note: My 9th grade geometry teacher would be so proud. My ability to prove, disprove, and verbalize equations wasn’t quite as impressive back then. Admittedly, it’s not all that impressive now. If she’d only spoken in terms of business—I’m a fourth-generation entrepreneur! I still don’t know what time Train A is going to meet Train B. What I do know is that I don’t care to be on either train because they’re gonna CRASH!

One last variable to consider – Could some of our most successful clients become less than ideal clients by allowing their abilities to diminish? Absolutely.

Perhaps the goal shouldn’t be to attain 100% client retention. The goal is to serve people that meet 100% of your target market requirements as a qualified author in an effort to serve them to the best of your abilities as a publisher.

Paula Frazier is a referral marketing trainer, consultant and keynote speaker. She is an Executive Director for BNI and part of a select team of Master Trainers for Referral Institute. Paula’s business networking articles have been published internationally. She is also acknowledged in the New York Times best seller, Truth or Delusion – Busting Networkings Biggest Myths. Check out #33, Delusion with a twist! Paula can be contacted at paula@referralinstitute-va.com.